On the evening of November 25, Wanda hotel development announced that on November 24, us time, the company completed the sale of Chicago property project. The company will no longer hold any equity of the target company, and the assets, liabilities and financial performance of the target company will not be included in the companys consolidated financial statements. So far, Wanda Group has emptied all its overseas real estate projects.
According to the announcement, the company completed the sale of Chicago property project on November 24, us time. At the completion of the sale, the principal amount of the companys loan was about $281 million, and approximately $349.9 million has been paid to the seller.
On October 16, Wanda hotel development announced that the company held a special shareholders meeting on the same day, and the proposal on selling the interests of Chicago property project was formally approved by voting at the meeting. Specifically, regarding the above-mentioned sale voting, the total number of shareholders votes of Wanda hotel was 3384121675, of which the affirmative vote was 3333998675, accounting for 98.52%; the negative vote was 50123000, accounting for 1.48%. Since more than 50% of the votes were in favor of the above ordinary resolution, the resolution was formally adopted.
According to the information released on the official website of Wanda Group, the group announced on July 8, 2014 that it would invest $900 million to build a 350 meter high, 89 storey five-star hotel and apartment project in Chicago, USA. after completion, it will become the third tallest building in Chicago and become the new landmark of Chicago. According to the official website, Wanda Building in Chicago is the third five-star hotel project invested by Wanda Group in the world after London and Madrid in Spain since 2013.
According to the progress of the project, the high-end apartments of the Chicago project have been pre-sale since September 2015. By the end of December 2018, about 56% of the total saleable area has been sold in advance; the planning approval and delivery were obtained in April 2016, and the construction project was started in August 2016, and the development is planned to be completed in 2020.
Zeng Hao spent hundreds of billions to buy
Since 2012, Wanda has started the overseas buy and buy mode, and Wanda has set foot in overseas real estate, entertainment and sports, among which real estate has become its key expansion field.
One London (onenine elms) project is the first overseas project of Wanda Group. Wanda put it into its pocket in 2013. The project is adjacent to Buckingham Palace and London eye, with a 200m city tower and a 165m river view tower, including residential, apartment and hotel.
In Australia, Wanda has two real estate projects. On August 11, 2014, Wanda Group announced its merger and acquisition of the famous jewelry three towers project in gold coast, Australia, with a planned investment of US $900 million. On January 23, 2015, Wanda Group announced the acquisition of 1alfred building and Fairfax house building in Sydney, Australia. It plans to invest about US $1 billion to build a comprehensive landmark project.
In August 2014, Wanda won the bid for 9900 Wilshere Avenue, Beverly Hills, Los Angeles, USA, with a planned investment of $1.2 billion to build a comprehensive landmark project including luxury apartments and Wanda brand hotels.
In 2017, domestic regulation began to tighten foreign investment. In August of that year, the state issued the guidance on further guiding and standardizing the direction of overseas investment to restrict overseas investment in real estate, hotels, cinemas, entertainment industry and sports clubs, which are exactly the areas that Wang Jianlin has focused on in recent years.
Subsequently, Wang Jianlin made a public statement to the outside world, actively responded to the call of the state, and decided to put the main investment in China.
In 2018, within one month (January), Wang Jianlin sold three overseas projects: Wanda one London (Wanda one nine elms) in London, UK, with a total of 59 million pounds (about 515 million yuan); and two projects in Australia, with a total of 315 million Australian dollars (about 1.488 billion yuan); rough calculation, Wang Jianlin sold out overseas real estate projects, accumulated cash out Nearly 4 billion yuan!
Wang Jianlin made it clear at the Wanda annual meeting on January 20, 2018 that Wanda should gradually pay off all overseas interest bearing liabilities. Wanda has invested in a number of overseas projects in the past few years, and now we have decided to pay off overseas debts. If we sell half of our assets, we can pay off all the debts, Wang said In 2017, Wang Jianlins family fell to No. 5 on the Hurun 100 rich list with a fortune of 155 billion yuan. Since then, it has become more and more far away from the position of the richest man. In 2018, Wang Jianlin had a fortune of 140 billion yuan, ranking 520 billion yuan in 2018 and No. 9 in 19 years. According to the latest Hurun global rich list in 2020, Wang Jianlins fortune dropped another 1 billion yuan to 119 billion yuan. On November 5, when Forbes released Chinas rich list, Wang Jianlin fell to 30th from 14th last year. Source: Chen Hequn, editor in charge of China fund daily_ NB12679
Wang Jianlin made it clear at the Wanda annual meeting on January 20, 2018 that Wanda should gradually pay off all overseas interest bearing liabilities. Wanda has invested in a number of overseas projects in the past few years, and now we have decided to pay off overseas debts. If we sell half of our assets, we can pay off all the debts, Wang said